Tag: Wall Street Publication

Cryptocurrency Exchanges Curb Trading From China After Beijing’s Warning
Markets

Cryptocurrency Exchanges Curb Trading From China After Beijing’s Warning

HONG KONG—One of the world’s largest cryptocurrency exchanges said it would close all user accounts in mainland China by the end of the year, days after the country’s central bank declared all crypto-related transactions illegal. Huobi Global, which was founded in 2013 and currently operates from offices in Singapore, South Korea, the U.S. and other countries, over the weekend said it stopped allowing new customers in mainland China to register accounts. The exchange will also gradually retire existing accounts in China by the end of 2021 to ensure the safety of its customers’ assets, it added.
Stock Futures Rise; Oil Prices Near Three-Year High
Markets

Stock Futures Rise; Oil Prices Near Three-Year High

U.S. stock futures rose, and oil hit its highest level in nearly three years, as fears about China Evergrande Group ‘s debt problems waned and investors bet on further economic reopening from the pandemic. Futures tied to the S&P 500 edged up 0.1%, suggesting the broad-market index is set to extend its three-day rise. Dow Jones Industrial Average futures climbed 0.3%, while the tech-heavy Nasdaq-100 futures fell 0.2%.
The Great Car-Chip Shortage Will Have Lasting Consequences
Markets

The Great Car-Chip Shortage Will Have Lasting Consequences

The once-obscure world of automotive microchips will never be the same again. It has been a difficult month for the car industry. Manufacturers such as Toyota and General Motors have announced sweeping reductions to their fall production schedules for want of parts, particularly semiconductors. Consulting firm AlixPartners said Thursday that the chip shortage would likely cost the industry $210 billion in lost revenues this year, which was almost double its May estimate.
Spotify Kicks Off Campaign to Win More Advertisers
Business

Spotify Kicks Off Campaign to Win More Advertisers

Spotify Technology SA began its first global brand campaign designed to court marketers as the audiostreaming giant tries to expand the revenue it collects from advertising.The company is also changing the name of its advertising business to Spotify Advertising from Spotify for Brands in an attempt to attract small and medium-size businesses beyond the major brands it has traditionally focused on. And it is trying to attract more podcast publishers and creators to its ad marketplace, after saying earlier this year that its advertising growth has been hindered by limited inventory. “It’s not just kind of the largest of brands and the biggest of shows, it’s also small- and medium-sized businesses and DIY creators,” said Jay Richman, vice president and head of global advertising business and...
After Early Investors Flee SPAC Deals, Day Traders Rush In
Markets

After Early Investors Flee SPAC Deals, Day Traders Rush In

Day traders are targeting some companies that recently closed SPAC mergers, reinvigorating some of the meme-stock excitement that helped make such deals popular early in the year. The latest special-purpose-acquisition-company excitement focuses on firms like cybersecurity firm IronNet Inc. that suffered significant investor withdrawals ahead of going public by closing SPAC mergers. High withdrawals leave the companies going public with less cash to put into their businesses and can make it harder for them to meet the growth projections they made as part of the deals with so-called blank-check companies. 
Google Pushes to Overturn EU’s $5 Billion Antitrust Decision
Business

Google Pushes to Overturn EU’s $5 Billion Antitrust Decision

BRUSSELS— Alphabet Inc.’s Google begun its appeal Monday to overturn a $5 billion antitrust fine imposed by the European Union, contending that its Android operating system for mobile devices has boosted competition rather than foreclosing it. The tech giant presented oral arguments in Luxembourg before the EU’s second-highest court, in its appeal to overturn the 2018 decision from the bloc’s antitrust enforcer. In that case, EU authorities found Google had illegally abused the market power of Android to push companies that manufacture and distribute Android phones into agreements aimed at entrenching and expanding the dominance of the Google search engine on mobile devices.
Dentists’ Group Fights Plan to Cover Dental Benefits Under Medicare
Business

Dentists’ Group Fights Plan to Cover Dental Benefits Under Medicare

WASHINGTON—The American Dental Association is mobilizing its 162,000 members to fight a proposal to include dental coverage for all Medicare recipients, opposition that could prove pivotal as Democrats look to make cuts in their $3.5 trillion domestic policy agenda. Giving dental, vision and hearing benefits to the 60 million older and disabled Americans covered by Medicare will provide needed care to people who otherwise might not afford it, supporters say.
U.N. Members Seek New Cyber Discussions Amid Rising Ransomware Attacks
Tech

U.N. Members Seek New Cyber Discussions Amid Rising Ransomware Attacks

The future of United Nations-led efforts to create rules around how nations should behave in cyberspace is unclear, researchers and experts say, even as countries respond to a growing number of ransomware attacks. U.N. member states in a cyber discussion group struck an agreement in March on a set of so-called norms, or nonbinding principles that include a prohibition on attacking critical infrastructure in other countries. Russia and France, however, proposed two competing groups to replace that forum, which was scheduled to end this year. “There’s a total confusion as to where the next step is and what this process leads us to,” said Stefan Soesanto, a senior researcher at the Center for Security Studies at the ETH Zurich university. There is no formal way for U.N. members to enforce no...
Commodity Boom Is Too Much of a Good Thing for Many Traders
Markets

Commodity Boom Is Too Much of a Good Thing for Many Traders

It has been a banner year for fossil-fuel, metals and agricultural markets. For many commodity traders, the boom in prices has had an unexpected effect: a credit crunch that is reshaping the industry in favor of the largest players. Higher prices are requiring traders to borrow more money to finance the same volume of oil, copper or coffee. In some instances, extreme or unusual weather is causing gyrations in commodity prices, prompting traders to amass cash in a pinch.
China’s Cnooc Plans Big Share Sale at Home as U.S. Delisting Looms
Markets

China’s Cnooc Plans Big Share Sale at Home as U.S. Delisting Looms

One of China’s big state-owned oil companies, Cnooc Ltd. , plans to raise more than $5 billion from a domestic share sale as it faces a possible delisting of its U.S. securities. The planned issuance—like a recent megadeal by China Telecom Corp. —shows that China’s corporate champions are able to access large pools of capital back home if needed, blunting the impact of being exiled from American markets.